9. X Company purchase merchandise inventory by $32000 on account terms 2/10, net30, after one week, X received credit by $1000 for merchandise returned, what is the entry of A/P payment using perpetual system if it was paid during discount period (10 days)?

a. Debit A/P $31000, Credit Inventory $620 and Credit Cash $30380.

b. Debit A/P $32000, Credit Inventory $640 and Credit Cash $30380.

c. Debit A/P $32000, Credit Purchase Discount $640 and Credit Cash $31360.

d. Debit A/P $31000, Credit Purchase Discount $620 and Credit Cash $31360.

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10. X Company purchase merchandise inventory by $32000 on account terms 2/10, net30, after one week, X received credit by $1000 for merchandise returned, what is the entry of A/P payment using periodic system if it was paid after discount period (18 days)?

a. Debit A/P $31000 and Credit Cash $31000.

b. Debit A/P $31000, Credit Inventory $620 and Credit Cash $30380.

c. Debit A/P $32000 and Credit Cash $32000.

d. Debit A/P $31000, Credit Purchase Discount $620 and Credit Cash $31360.

.

11. In preparation of bank reconciliation: Bank charges by 100 was not recoreded by company is adusted by following entry?

a. Debit: Expenses 100 and Credit: revenue 100.

b. Debit: Cash 100 and Credit: revenue 100.

c. Debit: Expenses 100 and Credit Cash 100.

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